Wells Fargo also continued to add deposits in the most recent quarter, with interest expense linked to deposits jumping 17%.
Since Tim Sloan was CEO, Wells Fargo has been trying to boost profitability through cost-cutting. Trust Co. of Toledo NA OH now owns 42,187 shares of the financial services provider's stock worth $2,270,000 after buying an additional 301 shares during the last quarter. Nuveen Asset Management LLC increased its position in Wells Fargo & Co by 10,041.9% during the second quarter. Longview Partners Guernsey LTD raised its position in shares of Wells Fargo & Co by 24.2% during the 2nd quarter.
Shares of WFC traded down $0.45 during midday trading on Monday, hitting $52.05. The company had a trading volume of 2,292,088 shares, compared to its average volume of 21,290,297. To be clear, this was largely expected given the declining interest rate environment and is likely a big driver of Wells Fargo's lower profitability. The firm has a market capitalization of $222.04 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.15 and a beta of 1.11. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.33.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, October 15th. According to consensus expectations, the headline print is expected to remain stable at 1.5 percent year-on-year, the same as in November, the lowest rate in three years. Combined with the bank's 3.9% dividend yield, it's fair to say that Wells Fargo is returning lots of capital to shareholders.
The bank racked up operational losses of $1.9 billion in the final quarter of the year, partly for reserves to cover pending litigation related to its fake-account scandal that erupted more than three years ago. During the same quarter previous year, the company earned $1.13 earnings per share.
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Several brokerages have commented on WFC.
The booming stock market kept trading revenues up. Raymond James downgraded shares of Wells Fargo & Co from a "market perform" rating to an "underperform" rating in a research report on Monday, December 2nd. The consensus price target is $53.33. The company has a consensus rating of "Hold" and an average price target of $50.23. The institutional investor owned 19,113 shares of the financial services provider's stock after selling 440 shares during the period.
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